I'm a writer based in New York, head Global Markets and Ideas (tatianaserafin.com) and cover billionaires and businesses in Eastern Europe, Central Asia and Russia. I am a former Staff Writer at Forbes and have profiled billionaires in Kazakhstan, the UK and the US for the magazine. I am also a former Vice President at management consultancy, Kaiser Associates, where I worked with multinational corporations to expand business in Russia and Poland. I have an MA in Business and Economic Reporting from New York University, as well as an MA in Central European and Russian Studies and BS in Foreign Service from Georgetown University.

8/30/2011 @ 5:47PM20,154 views

Thailand's 40 Richest

See complete FORBES coverage of Thailand’s 40 Richest here and view the full list here.

Political tensions remain high beneath the surface, but Thailand’s transition toward relative calm during the past 12 months, following violent upheaval the year before, has helped keep stocks and the economy growing. The SET 50 share index reached levels not seen in 15 years, up 21.7% over the past year. The Thai baht rose 6.1% against the dollar in the same period. GDP is projected to grow by 4% in 2011. Yingluck Shinawatra’s high margin of victory in July elections helped solidify these gains, which have also been bolstered by rebounding tourism and strong exports.

Thailand’s tycoons are rising with the tide. Collectively the wealth of the richest 40 advanced 25% to an aggregate $45 billion. Their asset growth is helping these industrialists ramp up investments in operations abroad like never before.

The wealth of three-quarters of those on the list rose. The top gainer is Prasert Prasarttong-Osoth (No. 17), whose net worth skyrocketed 138% thanks to the return to profitability of his privately held Bangkok Airways and the dramatic rise in the share price of hospital group Bangkok Dusit Medical Services. He founded the expanding health service provider with fellow physician Pongsak Viddayakorn (No. 28) whose net worth jumped by 121%, making him the second-biggest gainer on this year’s list.

Dhanin Chearavanont, who owns agribusiness conglomerate, Charoen Pokphand Group, remains in the top spot at $7.4 billion. In second place is the $5 billion fortune of Chaleo Yoovidhya, co-owner of Red Bull energy drinks, closely followed by the $4.8 billion of whiskey king Charoen Sirivadhanbhakdi. The top three have seen their net worths swell over the past year as consumers buy up their wares.

The most closely watched fortune of all, that of former premier Thaksin Shinawatra (No. 19), rose 53% to $600 million, thanks to a stock split and doubling of share price of his family’s real estate development firm, SC Asset. After his younger sister Yingluck became prime minister, the Finance Ministry acknowledged it would not appeal a tax ruling that released $40 million in frozen assets owned by Thaksin’s children. For now, Forbes has not counted this sum in Thaksin’s valuation.

The list’s two newcomers are both phoenix stories, rising from the ashes of Asia’s 1997 financial conflagration. Prachai Leophairatana, the former billionaire once known as Thailand’s biggest defaulter, with $3.8 billion in bad loans at his defunct Thai Petrochemical Industries group, is on the rebound. Shares of the remaining part of his empire, cement maker TPI Polene hit a three-year high in August, putting this controversial tycoon on the list at No. 29, with $300 million.

Likewise young telecoms CEO Pete Bodharanik has steered Jasmine International into profits in broadband, after a restructuring of the company’s debt. A quintupling of Jasmine’s share price during the past 15 months helped land Bodharanik at No. 34 on the list. But the market cap of the company, founded by Bodharanik’s father Adisai, remains a fraction of the billions it was worth during the 1990s.

Three fortunes declined since our last list. Developer Thongma Vijitpongpun’s (No. 11) wealth slid 13%, as the share price of his Pruksa Real Estate slumped due to concerns about the impact of inflation on home buyers. The net worth of Wit Viriyaprapaikit (No. 25) retreated 5% as his Sahaviriya Steel Industries shares has been hit by negative second-quarter earnings resulting from costs of revamping a recently acquired factory in England. Skytrain tycoon Keeree Kanjanapas (No. 16) saw a 3% slump in wealth; the stock price of his BTS Group Holdings declined due to weak results in its property division.

The minimum to make the list this year was $190 million, causing three rich listers to drop off the top 40. Brothers Petch and Ratch Osathanugrah who derive the bulk of their wealth from the Osotspa energy drink fortune did not make the cut (But cousin Niti Osathanugrah, also an Osotspa owner, still ranked, at No. 34, because of his varied investment portfolio.) Plew Trivisvavet, head of construction contractor CH Karnchang, also fell from the list.

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